- January 25, 2011
- All Stewart Underwriters
- Class Actions on Foreclosures
Recently, class actions have been filed in a number of states challenging the validity of foreclosures. It is important that you monitor any class action proceedings to verify that the class has not been certified. Unless the class is certified or the class action's named plaintiff (as opposed to the REO selling lender) is in the chain of title of the property, you may continue to issue as provided in our Stewart Bulletins.
Foreclosures in general may continue to be attacked and it is important to be vigilant when reviewing these matters. Please be sure to keep informed of all new developments and communications concerning ongoing class actions and contact state counsel for any updates.
If you have any questions relating to this or other bulletins, please contact Stewart Legal Services or your local underwriting personnel.
For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.